PHARMACIES
Walgreens CEO to step down after $1.7b quarterly loss
Walgreens’ Stefano Pessina will step down as CEO and become executive chairman once the drugstore chain finds a replacement for him. The current executive chairman, former McDonald’s CEO Jim Skinner, will remain on the board after Pessina takes over. The company announced no time frame Monday in finding a successor to the 79-year-old Pessina. Walgreens posted a $1.7 billion loss in the quarter that ended May 31 with millions of people sheltering at home due to the rapidly spreading COVID-19 pandemic. The chain announced earlier this month that it will squeeze primary care clinics into as many as 700 of its US stores over the next few years in a bid to play a greater role in managing customer health. — ASSOCIATED PRESS
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Another shale explorer files for bankruptcy
Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt. The company filed for Chapter 11 in US Bankruptcy Court in South Texas. Rosehill said Monday in a statement that common shareholders will be wiped out. It has a $17.5 million secured debtor-in-possession loan facility and expects to continue operating during bankruptcy proceedings ‘‘without material disruption.’’ Scores of US shale companies have been struggling to stay afloat after years of spending borrowed money to expand production left them vulnerable to crude’s historic crash this year. As of last week, at least 27 American energy companies with liabilities over $50 million filed for bankruptcy this year, according to data compiled by Bloomberg. — BLOOMBERG NEWS
PHARMACEUTICAL
AstraZeneca to pay as much as $6 billion in cancer drug deal
AstraZeneca agreed to pay as much as $6 billion to buy into Daiichi Sankyo Co.’s promising medicine for lung and breast cancer, the drugmakers’ second potential blockbuster oncology deal in two years. The UK drugmaker will pay Japan’s Daiichi $1 billion upfront to jointly develop and bring to market a cancer therapy in early clinical tests called DS-1062, the companies said Monday. As much as $5 billion in additional payments could follow, subject to regulatory and sales milestones. AstraZeneca is forging ahead to become a global oncology powerhouse, even as it works on a vaccine for the coronavirus pandemic. — BLOOMBERG NEWS
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O to end regular monthly print editions in December
O, The Oprah Magazine is ending its regular monthly print editions with the December 2020 issue after 20 years of publication. The brand, which is among the most recognizable magazines in the United States, is not going away but will become more “more digitally-centric,’’ said a Hearst spokeswoman Monday. There will be “some form of print” after the December issue “but what it is exactly is still being worked out.” Oprah Winfrey launched O with Hearst in 2000 and today is the editorial director.
— ASSOCIATED PRESS
MANUFACTURING
Orders for durable goods rose more than 7 percent in June
Orders for big-ticket manufactured goods rose a solid 7.3 percent in June, the second big monthly gain as manufacturing tries to climb out of a spring slump triggered by the coronavirus pandemic. The Commerce Department said Monday that the June gain in durable goods orders, which was better than expected, followed an even bigger 15.1 percent increase in May. Those two increases came after sharp declines in March and April as factories shut down. — ASSOCIATED PRESS
REMOTE WORK
It can be a pain in the back to work from home
Seventy-one percent of those working from home due to COVID-19 have experienced a new or exacerbated ailment caused by the equipment they now must use. According to an online survey of 20,262 people in 10 markets by the technology company Lenovo Group Ltd., the most common symptoms are back pain, poor posture (e.g., hunched shoulders), neck pain, eye irritation, insomnia, and headaches. Adding fiscal insult to physical injury, their employers aren’t necessarily footing the bill for new equipment: Of the 70 percent of employees who purchased new technology in order to work remotely, 39 percent were not fully compensated. The average sum spent in the surveyed countries was $273; the highest country averages were $339 in Great Britain, $340 in Italy, $348 in the United States and $381 in Germany. — BLOOMBERG NEWS
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E-COMMERCE
Amazon to hire 1,000 in Ireland
Amazon.com Inc. announced on Monday that it will create 1,000 jobs in Ireland and open a new Dublin campus, following an increase in demand for cloud services. The new roles include a range of engineering roles, as well as security and big data specialists, and program and account managers. Technical management and senior leadership positions in Amazon and Amazon Web Services are also being created. Amazon is investing in a new 170,000-square-foot campus in Dublin’s Charlemont Square that will open in 2022 and be used by Amazon Web Services’ cloud computing employees. The new hires will bring Amazon Ireland’s permanent workforce to 5,000 over the next two years. — BLOOMBERG NEWS
AUTOMOTIVE
BMW to make electric versions of popular models
BMW will make electric versions of its popular 5 Series mid-sized sedan and X1 compact SUV, part of a widened push to slash carbon emissions while wrestling with the fallout from the COVID-19 pandemic. The German automaker said Monday it is seeking to reduce CO2 output per car by at least a third by 2030, and track progress via raw material sourcing, production and road emissions. — BLOOMBERG NEWS
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TECHNOLOGY
Australia sues Google over its use of personal data
Australia’s consumer watchdog launched court action against Google on Monday alleging the technology giant misled account holders about its use of their personal data. The Australian Competition and Consumer Commission’s action in the Federal Court is the latest litigation Google has faced around the world over allegations of privacy breaches. The allegations arise from Google’s move in 2016 to start combining users’ personal information in their Google accounts with information from the same users’ activity on non-Google sites that used Google technology, formerly DoubleClick technology, to display ads. — ASSOCIATED PRESS
AUTOMOTIVE
Mitsubishi lost $1.7 billion in the second quarter
Mitsubishi Motors Corp. reported Monday a 176 billion yen ($1.7billion) loss for April-June, and forecast more red ink for the fiscal year, as the coronavirus pandemic slammed auto demand around the world. The Japanese automaker had posted a profit of 9.3 billion yen for the fiscal first quarter the previous year. Quarterly sales shrank 57 percent to 229.5 billion yen ($2.2 billion). The maker of the Outlander sport utility vehicle and I-MiEV electric car expects to chalk up a 360 billion yen ($3.4 billion) loss for the fiscal year through March 2021, because of the fallout from the outbreak.
— ASSOCIATED PRESS
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July 28, 2020 at 08:17AM
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Walgreens CEO to step down after $1.7 billion quarterly loss - BetaBoston
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